Holding(s) in Company

Baillie Gifford Japan Trust PLC
17 June 2003

                      The Baillie Gifford Japan Trust PLC

                        Disclosure of interest in shares


The Baillie Gifford Japan Trust PLC has today been advised that Aberdeen Asset
Managers Limited now holds 10,090,000 ordinary shares in the Company, which
equates to 16.29% of the 61,935,000 shares in issue.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    17 June 2003


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